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What’s the minimum deposit required to purchase a home?

In Cyprus, most buyers need a deposit of 20% to 30% of the property’s value. Local banks typically offer mortgages covering up to 70%–80% of the purchase price for residents. If you're a non-resident, you may need a higher deposit, as lending options can be more limited.

💡Don’t forget to budget an extra 7%–10% for additional costs like legal fees, stamp duty, and transfer fees.

How long is the home buying process?

The home buying process in Cyprus typically takes 6 to 12 weeks, depending on several factors like financing, legal checks, and the type of property.

Delays can occur if there are complications with title deeds, financing, or government approvals — especially for non-residents. Working with a local lawyer and real estate agent can help keep things on track.

How does the home buying process work?

The process starts with finding the right property and making an offer. Once your offer is accepted, it's important to hire a local lawyer to carry out legal checks, including verifying title deeds and any planning permissions.

Next, you’ll sign a sales agreement and pay a deposit—usually between 10% and 30% of the purchase price. If you're applying for a mortgage, you’ll work with your bank to secure financing, which can take several weeks.

Once everything is approved, you’ll complete the final payment and officially transfer ownership at the Land Registry. Be sure to budget an extra 7%–10% of the property’s value for legal fees, taxes, and other costs.

What’s the minimum credit score required to buy a house?

In Cyprus, banks typically require a minimum credit score of 650 to approve a mortgage application. This threshold applies to both residents and non-residents, though non-residents may face stricter conditions and higher down payment requirements.

For residents and EU citizens, the minimum down payment is generally between 10% and 30% of the property's value. Non-residents often need to contribute 30% to 50% upfront. Banks also assess other factors such as income stability, debt-to-income ratio, and the property's value when determining loan eligibility.

It's advisable to check with individual banks for their specific credit score requirements and mortgage terms, as these can vary.